Medical Billing Project Analysis

. Define the project including the vision, objectives, and scope of the project.
This project is an electronic medical billing using a web-based program. This is a two way interface billing program. This means that we have to install a program to the client’s office and they will work on their end such as maintaining the patient’s records, encoding necessary data for billing purposes. This is an advance type of medical billing program where you can work and submit electronic billing wherever you are as long as you have internet connection.
This project is an expansion of the medical billing business that has been more than five years successfully operating in the state of California. This is the first expansion in the state of Florida. This

is a group of accounting professionals who originally wanted to start their own business. It happened that I am one of their acquaintances back then in college days that are residing now in the United States of America. My colleagues who started this medical billing business had left their fulltime job and it was a sacrifice at some point of their lives but now, they are reaping a golden harvest from their endeavors. The positive result of their endeavors encourages me to buy in this idea of medical billing project. I am grateful to the ingenuity of this group and their willingness to share and venture another chapter here in the state of Florida.
This project is not a new idea there are already medical billing business in the market that has been well established. We will create our own strategy to be able to get share in the market and we will continue the strategy that the California based had started. Their target market is the hospice facility. Their basic strategy is to go to the public record and find out those hospice facilities that are pending for approval or newly approved and work with them by offering free consultancy that will enable them to process their needed paper works in compliance with the requirements of the department of health. Once they are approved they will help them set up their billing needs and that is the opportunity to offer them the medical billing service. This is a significant tool to improve cash flows which is the lifeblood of every business. It has been proven that 15 days turnover is possible instead 45 to 90 days. Every healthy business aims to convert their receivables into cash in a quick way.
The vision of this project is to be able to successfully establish this medical billing service in the state of Florida and work with the Hospice Facility as our first target market. We are looking forward to be able to expand this medical billing project into a nationwide business as we collaborate with our colleagues who are scattered all over the United States of America in search for their American dream.
One of the objective tools is by using SMART model which S stands for Specific, M is for Measurable, A is for Attainable, R is for Relevant or Realistic and T is for Times based or there is timeline set for this project. The objectives statement below is align to this SMART model.
The objectives of this project is first to be able to established in the state of Florida by end of 2015 and be operational by beginning of 2016. Secondly our business objective is to offer these benefits to our clients; to reduce days accounts receivable from normally 45-90 days, strive to process efficiently and receive payments within 15 days as already been proven by our partners in California.
The scope of this project is initially to work on the submission of deliverables based on the time allotted for working on deliverables which are essential in carrying out the first steps of this project. Once the deliverables are in place, we will work on the second steps which are the procurement of the billing program and after it is being set up. The intellectual capital which is the billing specialist and extensive training will be provided in order to achieve what we claim in our objectives to be able to process efficiently and accurately and to deliver that expected benefits to our clients. In our scope is included also, that we will work on our initial target market which are the hospice facility in the state of Florida.
2.

Determine the customers who will use the deliverables produced from the project.
These are the five (5) deliverables and their users: The first deliverable in the list is the SWOT Analysis. This is the model used to sense the competitive benefits of this project. By carefully identifying and analyzing the STRENGHT, WEAKNESS, OPPORTUNITY and THREATS we are optimistic and working on the success of this project. The project team is interested on this deliverable. The team has to know and weight on the benefits and risk being identified in order to work best on this project.
The second deliverable is System; this refers to the medical billing program that will be used to process billing reimbursement. The IT consultant is in charge of the system to ensure that the best system is being acquired and set up properly.
The third deliverable is Intellectual Capital- I have considered that Intellectual Capital plays a significant role in the success of this project. The knowledge on how to execute the billing process accurately is the key to deliver the maximum benefits promise to the client. These are the benefits that this billing project will provide: Reduce administrative costs on the part of the client. The project manager must be the interested user of this

deliverable.
The last one is the Financial this means to satisfy the budget requirements of this project. This is to identify where the financial capital coming from. It could be a personal saving or a bank loan. The interested user will be the Project Sponsor, the project manager and bank loan officer.

3. Specify the key stakeholders for this project. (Who will be involved in the project)
These are the following who will be involved in this project:

4. Determine the role and responsibilities of each project team resource. Include the scheduling duration of each resource.
Role Responsibilities Activities

Project Sponsor Provide Project oversight. Review and Approve Initiation Stage - Project Planning

Project Manager Manages project in accordance to the project plan. Oversight on budget. Project on Progress

Project Participants:
* IT Consultant Provide guidance computer software Procurement on the specified equipment
*Billing Specialist In charge of the actual billing service Training and orientation

Marketing Provide strategies and market sensing Creating Ads and awareness of the billing service.

5. Graphically depict the project organizational structure. (Create an Organizational chart).

6. Create a WBS using principles of project scheduling and budgeting through the use of Excel Spreadsheet, Word table, or other similar project-specific software. Next develop the cost and time estimates and allocate resources where applicable.
Task Description Responsible Start Completion
Date Date
1. Submission of deliverables a. SWOT Analysis Project Sponsor/Finance 1.1.15 3.31.15
b. System Project Manager/IT consultant 1.1.15 3.31.15
c. Intellectual Capital Project Manager 1.1.15 3.31.15
d. Training Project Manager 1.1.15 3.31.15
e. Financial Project Manager 1.1.15 3.31.15
2. Order and Install Equipment Software procurement and testing Project Manager/sponsor 4.1.15 5.31.15
3. Training Training/orientation use of the billing program Project Manager/Billing Specialist 6.1.15 11.30.15
4. Securing License to operate Registering the business Project Manager 12.1.15 12.31.15

7. Determine the major project milestones and the required delivery dates. Analyze why each milestones is solely critical to the project.
Business Dictionary defines project milestones as “Project Management: Scheduled event that indicates the completion of a major deliverable event. Milestones are measurable and observable and serve as progress makers “.
The completion and submission of deliverables in this project are the major project milestones because these deliverables are important project tools in order to proceed and able to meet the timeline for this project.

Based on the project timeline these deliverables are to be completed and submitted within substantial amount of time which is twelve weeks or three months. Once the deliverables are in place, the next milestone is the procurement of the system and it will take more or less two months from order to installation and testing. This is the longest activity of the project where we focus on training and orientation to ensure that the user of the program is well equipped and trained to align with our objectives which are to efficiently process and get reimbursement within 15 days. I believe this is the strongest marketing strategy we can convince our

clients.

8. Select and discuss the three (3) most important risks of the project planning and project management process. Suggest and discuss strategies to mitigate those risks.
The three most important risks in this project planning are (1) lack of support from partners, (2) unable to hire the right person that will process the billing and (3) hospice facility not buying in our billing service. Lack of support from partners is a risk in this project, simply because I depend on their expertise and their experience. The risk of being competitor and not an alliance and they may not be willing to cooperate in the process. The intellectual capital is very vital in this project and it is a risk if not finding the right billing personnel. Our target market are the hospice facilities, there is a risk that by being newly established in the area they may not buy in on our service.
We have to closely monitor every steps of the project and also maintain our communication plan within the project team and encourage feedback from the team in order to work on the risk identified.
9. Summarize the project budget approved by the project sponsor.
Personnel $ 35,000.00
Furniture & Fixture $ 5,000.00
Office Improvements $ 5,000.00
Travel and Insurance Cost $ 6,000.00
Computer and Software $ 60,000.00
Marketing Budget $ 4,000.00
Professional fees and Licensure $ 5,000.00
Misc. Entertainment $ 3,000.00
Total Budget 123,000.00

There is a slight changes on the figures because of some adjustment needed like billing personnel we have agreed to start on one biller instead of two and also the amount allocated for the computer and software has changed. We are going to invest on a more advance program.
Lastly, this final paper is the continuation of the first project that was submitted previously. The researches was mostly done in the first project and mostly of the terms that have been first encountered are properly cited in the first paper and this second project is practically more on the expression of the knowledge that I have initially learned on the first part of this project. I am grateful to the guidance of our professor and making these three projects in this course challenging and worth learning.